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題名 穩健會計與銀行融資利率之關聯性研究
An association between conservatism and bank loan pricing作者 黃怡縈
Huang, Yi Ying貢獻者 林宛瑩
Lin, Wan Ying
黃怡縈
Huang, Yi Ying關鍵詞 穩健會計
銀行融資利率
超貸風險
公允價值會計
Conservatism
bank loan pricing
over-loan risks
fair-value accounting日期 2009 上傳時間 5-Sep-2013 14:26:43 (UTC+8) 摘要 財務報表為制訂授信決策之重要資訊來源，而穩健會計可增加公司財務報表的資訊品質。本研究實證探討當公司採行穩健會計時，是否可降低銀行融資超貸之可能性，使銀行願意為了穩健財務報表的效益，而降低公司需支付的債務融資成本。本研究以1997至2008年之5,507筆觀察值為研究樣本，依Beaver and Ryan（2005）之分類，將穩健會計衡量指標分為非條件式穩健會計與條件式穩健會計，分析公司會計穩健程度對銀行融資利率的影響，並探討公允價值會計是否會影響條件式穩健會計與銀行融資利率之關聯性。本研究之主要實證結果顯示，非條件式穩健會計與條件式穩健會計皆與銀行融資利率呈負向關係；公允價值會計之採用與銀行融資利率呈負向關係，且正向影響條件式穩健會計與銀行融資利率之關聯性。非條件式穩健會計與銀行給予融資超貸之風險呈負向關係，但條件式穩健會計與銀行給予融資超貸風險之關聯性並不一致。額外之測試顯示，主要實證發現不因改採其他方式衡量銀行融資利率，或以稅前息前淨利取代稅前息前折舊前淨利衡量超貸風險而有改變。
Financial statement is one of important resources to credit decisions making. Conservatism increases the quality of financial statement. Based on the definition of types of accounting conservatism, unconditional and conditional, proposed by Beaver and Ryan (2005), and the use of a sample of 5,507 firm-year financial data from 1997 to 2008, this study investigates conservatism effects on the over-loan risks from borrowers through bank loan pricing.The primary empirical findings indicate that a significantly negative association exits between unconditional (conditional) conservatism and bank loan pricing. In addition, a significantly negative association exits between fair-value accounting and bank loan pricing, and the adoption of fair-value accounting affect the association between conditional conservatism and bank loan pricing. Moreover, the result also shows that a significantly negative association exits between unconditional conservatism and the over-loan risks. The analysis of additional tests indicates that the primary findings held when alternative measurements of interest rates are used for proxy variables for bank loan pricing and EBIT is used for proxy variables for EBITDA.參考文獻 一、中文林宛瑩、許崇源、戚務君、陳宜伶，2009，公司治理與信用風險，臺大管理論叢，第19卷第2.2期，71-98頁。林宛瑩、戚務君、韓建婷，2009，公司治理與銀行融資利率，研討會。二、英文Ahmed, A., B. Billings, R. Morton, and M. Harris. 2002. The role of accounting conservatism in mitigating bondholder–shareholder conflict over dividend policy and in reducing debt cost. Accounting Review 77（4）: 867–890.Ahmed, A. S., E. Kilic, and G. J. Lobo. 2006. Does recognition versus disclosure matter? Evidence from value-relevance of banks’ Recognized and disclosed derivative financial instruments. Accounting Review 81（3）: 567–588.Ahmed, A. S., and S. Duellman. 2007. Accounting conservatism and board of director characteristics: An empirical analysis. Journal of Accounting and Economics 43（2-3）: 411-437.Anderson, R. C., S. C. Mansi, and D. M. Reed. 2004. Board characteristics, accounting report integrity, and the cost of debt. Journal of Accounting and Economics 37（3）: 315-342.Asquith, P., A. Beatty, and J. Weber. 2005. Performance pricing in bank debt contracts. Journal of Accounting and Economics 40（1-3）: 101–128.Ball, R., and L. Shivakumar. 2005. Earnings quality in U.K. private firms: comparative loss recognition timeliness. Journal of Accounting and Economics 39（1）: 83–128.Ball, R., S. P. Kothari, and A. Robin. 2000. The effect of international institutional factors on properties of accounting earnings. Journal of Accounting and Economics 29（1）: 1–51.Barth, M. E.. 1994. Fair Value Accounting: Evidence from Investment Securities and the Market Valuation of Banks. The Accounting Review 69（1）: 1-25.Barth, M. E., W. H. Beaver, and W. R. Landsman. 1996. Value-Relevance of Banks’ Fair Value Disclosures under SFAS No. 107. The Accounting Review 71（4）: 513-537Barth, M. E., W. R. Landsman, and J. M. Wahlen. 1995. Fair Value Accounting: Effects on Banks’ Earning Volatility, Regulatory Capital, and Value of Contractual Cash Flows. Journal of Banking & Finance 19（3-4）: 577-605.Barth, M. and D. Taylar. 2010. In defense of fair value: Weighing the evidence on earnings management and asset securitizations. Journal of Accounting and Economics 49（1-2）: 26-33.Basu, S.. 1997. The conservatism principle and the asymmetric timeliness of earnings. Journal of Accounting and Economics 24（1）: 3–37.Beatty, A., J. Weber, and J. J. Yu. 2008. Conservatism and Debt. Journal of Accounting and Economics 45（2-3）: 154– 174.Beaver, W. H., and S. G. Ryan. 2000. Biases and lags in book value and their effects on the ability of the book-to-market ratio to predict book return on equity. Journal of Accounting Research 38（1）: 127–148.Beaver, W. H., and S. G. Ryan. 2005. Conditional and Unconditional Conservatism: Concepts and Modeling. Review of Accounting Studies 10（2-3）: 269–309.Beja, A., and D. Weiss. 2006. Some Informational Aspects of Conservatism. European Accounting Review 15（4）: 585–604.Blackwell, D. W., T. R. Noland, and D. B. Winters. 1998, The Value of Auditor Assurance: Evidence from Loan Pricing. Journal of Accounting Research 36（1）: 57-70.Bliss, J.H. 1924. Management through accounts. The Ronald Press Co., New York.Bushman, R. M., and J. D. Piotroski. 2006. Financial reporting incentives for conservative accounting: The influence of legal and political institutions. Journal of Accounting and Economics 42（1-2）: 107-148.Callen, J. L., D. Segal, and O. Hope. 2010. The pricing of conservative accounting and the measurement of conservatism at the firm-FVA level. Review of Accounting Studies 15（1）: 145-178.Chen, K. C. W., and K. C. J. Wei. 1993. Creditors’ Decisions to Waive Violations of Accounting-Based Debt Covenants. Accounting Review 68（2）, 218-232.Chung, H. H., and J. P. Wynn. 2008. Managerial legal liability coverage and earnings conservatism. Journal of Accounting and Economics 46（1）: 135– 153.Danbolt, J., and W. Rees. 2008. An Experiment in Fair Value Accounting: UK Investment Vehicles. European Accounting Review 17（2）: 271-303.Dechow, P.M., S.P. Kothari, and R.L. Watts. 1998. The relation between earnings and cash flow. Journal of Accounting and Economics 25（2）: 133–168.Dechow, P., L. Myers, and C. Shakespeare. 2010. Fair value accounting and gains from asset securitizations: A convenient earnings management tool with compensation side-benefits. Journal of Accounting and Economics 49（1-2）: 2-25.Eccher, A., K. Ramesh, and S.R. Thiagarajan. 1996. Fair value disclosures bank holding companies. Journal of Accounting and Economics 22（1-3）: 79–117.Feltham, G., and J. A. Ohlson. 1995. Valuation and clean surplus accounting for operating and financial activities. Contemporary Accounting Research 11（Spring）: 689-731.Flannery, M.. 1986. Asymmetric information and risky debt maturity choice. Journal of Finance 41（1）: 19–37.Francis, J., R. LaFond, P. Olsson, and K. Schipper. 2004. Cost of equity and earnings attributes. Accounting Review 79（4）: 967–1010Fredriksson, A.. 2008. The Pricing of Reporting Conservatism in Private Firm Loan Contracts. Working Paper, Turku University.Garcia Lara, J.M., B. Garcia Osma, and A. Mora. 2005. The effect of earnings management on the asymmetric timeliness of earnings. Journal of Business Finance & Accounting 32（3-4）: 691-726.Garcia Lara, J.M., B. Garcia Osma, and F. Penalva. 2009. Accounting conservatism and corporate governance. Review of Accounting Studies 14（1）: 161-201.Givoly, D., and C. Hayn. 2000. The changing time-series properties of earnings, cash flows and accruals: has financial reporting become more conservative? Journal of Accounting and Economics 29（3）: 287–320.Guay, W., and R. Verrecchia. 2006. Discussion of an economic framework for conservative accounting and Bushman and Piotroski. Journal of Accounting and Economics 42（1-2）: 149–165.Hui, K. W., S. Matsunaga, and D. Morse. 2009. The impact of conservatism on management earnings forecasts. Journal of Accounting and Economics 47（3）: 192–207Khan, M., and R. L. Watts. 2009. Estimation and validation of a firm-FVA measure of conservatism. Journal of Accounting and Economics 48（2-3）: 132–150Khurana, I. K., and M.-S. Kim. 2003. Relative Value Relevance of Historical Cost vs. Fair Value: Evidence from Bank Holding Companies. Journal of Accounting and Public Policy 22（1）: 19-42LaFond, R., and R. L. Watts. 2008. The information role of conservative. Accounting Review 83（2）: 447-478.LaFond, R., and S. Roychowdhury. 2008. Managerial ownership and accounting conservatism. Journal of Accounting Research 46（1）: 101–135.Moerman, R.. 2008. The role of information asymmetry and financial reporting quality in debt trading: evidence from the secondary loan market. Journal of Accounting and Economics 46（2-3）: 246-260.Nelson, K.. 1996. Fair value accounting for commercial banks: an empirical analysis of SFAS No. 107. Accounting Review 71（2）: 161–182.Nissim, D.. 2003. Reliability of Banks’ Fair Value Disclosure for Loans. Review of Quantitative Finance and Accounting, 20（4）: 355-384.Pae, J., D. B. Thornton, and M. Welker. 2005. The link between earning conservatism and the price-to-book ratio. Contemporary Accounting Research 22（3）: 693-717.Penman, S. and X. Zhang. 2002. Accounting Conservatism, the Quality of Earnings, and Stock Returns. Accounting Review 77（2）: 237-264.Ryan, S.. 2008. Accounting in and for the subprime crisis. Accounting Review 83（6）: 1605–1638So, S., and M. Smith. 2009. Value-relevance of presenting changes in fair value of investment properties in the income statement: evidence from Hong Kong. Accounting and Business Research 39（2）: 103-118Subramanyam, K. R., and J. Wild. 2008. Financial Statement Analysis. 11 rd Edition: 103-104.Sufi, A.. 2007. Information asymmetry and financing arrangements: evidence from syndicated loans. Journal of Finance 62（2）: 629–668.Watts, R.L.. 2003a. Conservatism in accounting Part I: explanations and implications. Accounting Horizons 17（3）: 207–221.Watts, R.L.. 2003b. Conservatism in accounting Part II: evidence and research opportunities. Accounting Horizons 17（4）: 287–301.Zhang, J.. 2004. Efficiency Gains from Accounting Conservatism: Benefits to Lenders and Borrowers. Working Paper. Massachusetts Institute of Technology.Zhang, J.. 2008. The contracting benefits of accounting conservatism to lenders and borrowers. Journal of Accounting and Economics 45（1）: 27–54. 描述 碩士
國立政治大學
會計研究所
97353045
98資料來源 http://thesis.lib.nccu.edu.tw/record/#G0097353045 資料類型 thesis dc.contributor.advisor 林宛瑩 zh_TW dc.contributor.advisor Lin, Wan Ying en_US dc.contributor.author (Authors) 黃怡縈 zh_TW dc.contributor.author (Authors) Huang, Yi Ying en_US dc.creator (作者) 黃怡縈 zh_TW dc.creator (作者) Huang, Yi Ying en_US dc.date (日期) 2009 en_US dc.date.accessioned 5-Sep-2013 14:26:43 (UTC+8) - dc.date.available 5-Sep-2013 14:26:43 (UTC+8) - dc.date.issued (上傳時間) 5-Sep-2013 14:26:43 (UTC+8) - dc.identifier (Other Identifiers) G0097353045 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/60348 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計研究所 zh_TW dc.description (描述) 97353045 zh_TW dc.description (描述) 98 zh_TW dc.description.abstract (摘要) 財務報表為制訂授信決策之重要資訊來源，而穩健會計可增加公司財務報表的資訊品質。本研究實證探討當公司採行穩健會計時，是否可降低銀行融資超貸之可能性，使銀行願意為了穩健財務報表的效益，而降低公司需支付的債務融資成本。本研究以1997至2008年之5,507筆觀察值為研究樣本，依Beaver and Ryan（2005）之分類，將穩健會計衡量指標分為非條件式穩健會計與條件式穩健會計，分析公司會計穩健程度對銀行融資利率的影響，並探討公允價值會計是否會影響條件式穩健會計與銀行融資利率之關聯性。本研究之主要實證結果顯示，非條件式穩健會計與條件式穩健會計皆與銀行融資利率呈負向關係；公允價值會計之採用與銀行融資利率呈負向關係，且正向影響條件式穩健會計與銀行融資利率之關聯性。非條件式穩健會計與銀行給予融資超貸之風險呈負向關係，但條件式穩健會計與銀行給予融資超貸風險之關聯性並不一致。額外之測試顯示，主要實證發現不因改採其他方式衡量銀行融資利率，或以稅前息前淨利取代稅前息前折舊前淨利衡量超貸風險而有改變。 zh_TW dc.description.abstract (摘要) Financial statement is one of important resources to credit decisions making. Conservatism increases the quality of financial statement. Based on the definition of types of accounting conservatism, unconditional and conditional, proposed by Beaver and Ryan (2005), and the use of a sample of 5,507 firm-year financial data from 1997 to 2008, this study investigates conservatism effects on the over-loan risks from borrowers through bank loan pricing.The primary empirical findings indicate that a significantly negative association exits between unconditional (conditional) conservatism and bank loan pricing. In addition, a significantly negative association exits between fair-value accounting and bank loan pricing, and the adoption of fair-value accounting affect the association between conditional conservatism and bank loan pricing. Moreover, the result also shows that a significantly negative association exits between unconditional conservatism and the over-loan risks. The analysis of additional tests indicates that the primary findings held when alternative measurements of interest rates are used for proxy variables for bank loan pricing and EBIT is used for proxy variables for EBITDA. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究動機 1第二節 研究架構 6第二章 文獻回顧 7第一節 穩健會計及審慎性 7第二節 穩健會計相關文獻回顧 9第三節 負債資金成本 19第四節 公允價值會計與融資決策 22第三章 研究方法 28第一節 研究假說 28第二節 實證模式與變數衡量 31第三節 樣本選取與資料來源 38第四節 分析方法 40第四章 實證結果分析 42第一節 穩健會計與銀行融資利率 42第二節 穩健會計與銀行超貸風險 51第三節 變數衡量之額外測試 60第五章 結論與建議 64第一節 結論 64第二節 研究限制及未來研究建議 67參考書目 68 zh_TW dc.format.extent 809751 bytes - dc.format.mimetype application/pdf - dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0097353045 en_US dc.subject (關鍵詞) 穩健會計 zh_TW dc.subject (關鍵詞) 銀行融資利率 zh_TW dc.subject (關鍵詞) 超貸風險 zh_TW dc.subject (關鍵詞) 公允價值會計 zh_TW dc.subject (關鍵詞) Conservatism en_US dc.subject (關鍵詞) bank loan pricing en_US dc.subject (關鍵詞) over-loan risks en_US dc.subject (關鍵詞) fair-value accounting en_US dc.title (題名) 穩健會計與銀行融資利率之關聯性研究 zh_TW dc.title (題名) An association between conservatism and bank loan pricing en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) 一、中文林宛瑩、許崇源、戚務君、陳宜伶，2009，公司治理與信用風險，臺大管理論叢，第19卷第2.2期，71-98頁。林宛瑩、戚務君、韓建婷，2009，公司治理與銀行融資利率，研討會。二、英文Ahmed, A., B. Billings, R. Morton, and M. Harris. 2002. The role of accounting conservatism in mitigating bondholder–shareholder conflict over dividend policy and in reducing debt cost. Accounting Review 77（4）: 867–890.Ahmed, A. S., E. Kilic, and G. J. Lobo. 2006. Does recognition versus disclosure matter? Evidence from value-relevance of banks’ Recognized and disclosed derivative financial instruments. Accounting Review 81（3）: 567–588.Ahmed, A. S., and S. Duellman. 2007. Accounting conservatism and board of director characteristics: An empirical analysis. Journal of Accounting and Economics 43（2-3）: 411-437.Anderson, R. C., S. C. Mansi, and D. M. Reed. 2004. Board characteristics, accounting report integrity, and the cost of debt. Journal of Accounting and Economics 37（3）: 315-342.Asquith, P., A. Beatty, and J. Weber. 2005. Performance pricing in bank debt contracts. Journal of Accounting and Economics 40（1-3）: 101–128.Ball, R., and L. Shivakumar. 2005. Earnings quality in U.K. private firms: comparative loss recognition timeliness. Journal of Accounting and Economics 39（1）: 83–128.Ball, R., S. P. Kothari, and A. Robin. 2000. The effect of international institutional factors on properties of accounting earnings. Journal of Accounting and Economics 29（1）: 1–51.Barth, M. E.. 1994. Fair Value Accounting: Evidence from Investment Securities and the Market Valuation of Banks. The Accounting Review 69（1）: 1-25.Barth, M. E., W. H. Beaver, and W. R. Landsman. 1996. Value-Relevance of Banks’ Fair Value Disclosures under SFAS No. 107. The Accounting Review 71（4）: 513-537Barth, M. E., W. R. Landsman, and J. M. Wahlen. 1995. Fair Value Accounting: Effects on Banks’ Earning Volatility, Regulatory Capital, and Value of Contractual Cash Flows. Journal of Banking & Finance 19（3-4）: 577-605.Barth, M. and D. Taylar. 2010. In defense of fair value: Weighing the evidence on earnings management and asset securitizations. Journal of Accounting and Economics 49（1-2）: 26-33.Basu, S.. 1997. The conservatism principle and the asymmetric timeliness of earnings. Journal of Accounting and Economics 24（1）: 3–37.Beatty, A., J. Weber, and J. J. Yu. 2008. Conservatism and Debt. Journal of Accounting and Economics 45（2-3）: 154– 174.Beaver, W. H., and S. G. Ryan. 2000. Biases and lags in book value and their effects on the ability of the book-to-market ratio to predict book return on equity. Journal of Accounting Research 38（1）: 127–148.Beaver, W. H., and S. G. Ryan. 2005. Conditional and Unconditional Conservatism: Concepts and Modeling. Review of Accounting Studies 10（2-3）: 269–309.Beja, A., and D. Weiss. 2006. Some Informational Aspects of Conservatism. European Accounting Review 15（4）: 585–604.Blackwell, D. W., T. R. Noland, and D. B. Winters. 1998, The Value of Auditor Assurance: Evidence from Loan Pricing. Journal of Accounting Research 36（1）: 57-70.Bliss, J.H. 1924. Management through accounts. The Ronald Press Co., New York.Bushman, R. M., and J. D. Piotroski. 2006. Financial reporting incentives for conservative accounting: The influence of legal and political institutions. Journal of Accounting and Economics 42（1-2）: 107-148.Callen, J. L., D. Segal, and O. Hope. 2010. The pricing of conservative accounting and the measurement of conservatism at the firm-FVA level. Review of Accounting Studies 15（1）: 145-178.Chen, K. C. W., and K. C. J. Wei. 1993. Creditors’ Decisions to Waive Violations of Accounting-Based Debt Covenants. Accounting Review 68（2）, 218-232.Chung, H. H., and J. P. Wynn. 2008. Managerial legal liability coverage and earnings conservatism. Journal of Accounting and Economics 46（1）: 135– 153.Danbolt, J., and W. Rees. 2008. An Experiment in Fair Value Accounting: UK Investment Vehicles. European Accounting Review 17（2）: 271-303.Dechow, P.M., S.P. Kothari, and R.L. Watts. 1998. The relation between earnings and cash flow. Journal of Accounting and Economics 25（2）: 133–168.Dechow, P., L. Myers, and C. Shakespeare. 2010. Fair value accounting and gains from asset securitizations: A convenient earnings management tool with compensation side-benefits. Journal of Accounting and Economics 49（1-2）: 2-25.Eccher, A., K. Ramesh, and S.R. Thiagarajan. 1996. Fair value disclosures bank holding companies. Journal of Accounting and Economics 22（1-3）: 79–117.Feltham, G., and J. A. Ohlson. 1995. Valuation and clean surplus accounting for operating and financial activities. Contemporary Accounting Research 11（Spring）: 689-731.Flannery, M.. 1986. Asymmetric information and risky debt maturity choice. Journal of Finance 41（1）: 19–37.Francis, J., R. LaFond, P. Olsson, and K. Schipper. 2004. Cost of equity and earnings attributes. Accounting Review 79（4）: 967–1010Fredriksson, A.. 2008. The Pricing of Reporting Conservatism in Private Firm Loan Contracts. Working Paper, Turku University.Garcia Lara, J.M., B. Garcia Osma, and A. Mora. 2005. The effect of earnings management on the asymmetric timeliness of earnings. Journal of Business Finance & Accounting 32（3-4）: 691-726.Garcia Lara, J.M., B. Garcia Osma, and F. Penalva. 2009. Accounting conservatism and corporate governance. Review of Accounting Studies 14（1）: 161-201.Givoly, D., and C. Hayn. 2000. The changing time-series properties of earnings, cash flows and accruals: has financial reporting become more conservative? Journal of Accounting and Economics 29（3）: 287–320.Guay, W., and R. Verrecchia. 2006. Discussion of an economic framework for conservative accounting and Bushman and Piotroski. Journal of Accounting and Economics 42（1-2）: 149–165.Hui, K. W., S. Matsunaga, and D. Morse. 2009. The impact of conservatism on management earnings forecasts. Journal of Accounting and Economics 47（3）: 192–207Khan, M., and R. L. Watts. 2009. Estimation and validation of a firm-FVA measure of conservatism. Journal of Accounting and Economics 48（2-3）: 132–150Khurana, I. K., and M.-S. Kim. 2003. Relative Value Relevance of Historical Cost vs. Fair Value: Evidence from Bank Holding Companies. Journal of Accounting and Public Policy 22（1）: 19-42LaFond, R., and R. L. Watts. 2008. The information role of conservative. Accounting Review 83（2）: 447-478.LaFond, R., and S. Roychowdhury. 2008. Managerial ownership and accounting conservatism. Journal of Accounting Research 46（1）: 101–135.Moerman, R.. 2008. The role of information asymmetry and financial reporting quality in debt trading: evidence from the secondary loan market. Journal of Accounting and Economics 46（2-3）: 246-260.Nelson, K.. 1996. Fair value accounting for commercial banks: an empirical analysis of SFAS No. 107. Accounting Review 71（2）: 161–182.Nissim, D.. 2003. Reliability of Banks’ Fair Value Disclosure for Loans. Review of Quantitative Finance and Accounting, 20（4）: 355-384.Pae, J., D. B. Thornton, and M. Welker. 2005. The link between earning conservatism and the price-to-book ratio. Contemporary Accounting Research 22（3）: 693-717.Penman, S. and X. Zhang. 2002. Accounting Conservatism, the Quality of Earnings, and Stock Returns. Accounting Review 77（2）: 237-264.Ryan, S.. 2008. Accounting in and for the subprime crisis. Accounting Review 83（6）: 1605–1638So, S., and M. Smith. 2009. Value-relevance of presenting changes in fair value of investment properties in the income statement: evidence from Hong Kong. Accounting and Business Research 39（2）: 103-118Subramanyam, K. R., and J. Wild. 2008. Financial Statement Analysis. 11 rd Edition: 103-104.Sufi, A.. 2007. Information asymmetry and financing arrangements: evidence from syndicated loans. Journal of Finance 62（2）: 629–668.Watts, R.L.. 2003a. Conservatism in accounting Part I: explanations and implications. Accounting Horizons 17（3）: 207–221.Watts, R.L.. 2003b. Conservatism in accounting Part II: evidence and research opportunities. Accounting Horizons 17（4）: 287–301.Zhang, J.. 2004. Efficiency Gains from Accounting Conservatism: Benefits to Lenders and Borrowers. Working Paper. Massachusetts Institute of Technology.Zhang, J.. 2008. The contracting benefits of accounting conservatism to lenders and borrowers. Journal of Accounting and Economics 45（1）: 27–54. zh_TW
